HSBC (HSBC.N) says that although exports from the Middle East are broadly stable and fundamentals are largely unchanged, oil prices remain highly sensitive to geopolitical news.

Musk said SpaceX (SPCX.O) plans on a test flight in about a week to attempt to catch both the Starship booster and the spacecraft simultaneously.

Energy consultant FGE NexantECA says a US maritime blockade has cut Iranian oil exports to near zero and a near-term US‑Iran agreement to end hostilities is unlikely. Fereidoun Fesharaki, honorary chairman, said Republicans' poor midterm showing led Tehran to conclude President Trump's political standing has weakened and that Iran's current demands are unacceptable to the White House. He said the situation is not only far from a solution but worse than before the June memorandum of understanding that briefly reopened the Strait of Hormuz. Fesharaki warned the probability of renewed military strikes on Iran is high because Trump and Israeli Prime Minister Netanyahu have limited time to act.